There’s not really a one-size-fits-all answer to the question, “How is the market?” It depends on whether you’re looking to buy or sell, what your price point is, where you’re looking to live, and much more. These factors all play a part, so let’s see what the latest numbers have to say for each.
In the Greater Dane County area, we’re expecting home prices to increase. Right now, the median price of a single-family home is $300,000, and condos are around $195,000.
Inventory is illustrated in terms of how many months it would take for all currently listed homes to sell. Six months of inventory is a balanced market; anything above that is a buyer’s market, and anything below is a seller’s market.
As of now, we have an average of 1.5 months’ worth of inventory. Homes in the $200,000 price range only have two weeks of inventory. The $200,000 to $350,000 range has one month of inventory. At $350,000 to $500,000, there are 2.5 months of inventory—things tend to soften as price points increase. Over $500,000, there are 4.5 months of inventory.
There are about 800 single-family homes currently on the market. On average, they take 87 days to sell. Interest rates are in the low 4% range for a 30-year fixed rate mortgage, so ultimately, it’s still a great market for buyers and sellers alike.
Making the most out of our market, however, depends on who you have working as your real estate professional. I’d be more than happy to help you find a great deal on the perfect home or make a sale for top dollar. If you have any questions or need more information, feel free to reach out to me. I look forward to hearing from you soon.